Bitcoin Surges to $118,000 Triggering $1 Billion Global Short Squeeze
Bitcoin Surges to $118,000 Triggering $1 Billion Global Short Squeeze

Bitcoin Surges to $118,000 Triggering $1 Billion Global Short Squeeze

News summary

Bitcoin has surged to new all-time highs above $118,000, driven by strong institutional demand, retail investor accumulation, and supportive policies from President Donald Trump's administration, including an executive order to establish a cryptocurrency strategic reserve and the appointment of crypto-friendly officials. This rally has triggered the largest short squeeze of 2025, liquidating over $1 billion in short positions, with significant activity on exchanges such as Bybit, Binance, and HTX. Market dynamics, including a weakening U.S. dollar and expectations of substantial interest rate cuts, have further fueled the rally, while options traders are targeting strike prices up to $150,000. The bullish momentum extends beyond Bitcoin, with Ethereum and other altcoins also experiencing notable gains, signaling a broader market uptrend. Corporate treasuries and U.S. spot Bitcoin ETFs have added significant buying pressure, reinforcing investor confidence. Analysts highlight key support levels for Bitcoin and altcoins like Solana, indicating potential for continued upward movement toward targets such as $130,000 for Bitcoin.

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